On Thursday, the rupee depreciated 29 paise at 70.35/$.
The Indian rupee appreciated 30 paise against the dollar to open at 70.05 on Friday compared to its previous close of 70.35/$.
The gain is on the back of a sharp fall in the American greenback due to a government shutdown in the US. Investors’ were also worried about resurfacing trade war between the US and China. The concerns rose after a media report said that President Donald Trump is mulling an executive order in the New Year to declare a national emergency that would bar US companies from using telecommunications equipment made by China’s Huawei and ZTE.
On Thursday, the rupee depreciated 29 paise at 70.35/$ as Brent crude gained ~2% after falling ~4%. Further, concerns regarding fiscal deficit target also kept the pressure on the rupee.
India’s April-November fiscal deficit (the gap between government revenue and expenditure) stood at Rs7.17 lakh cr ($101.93bn) or 114.8% of the budgeted target for the current fiscal, government data showed on Thursday. Net tax receipts in the first eight months of the fiscal were Rs7.32 lakh cr.
The gain is on the back of a sharp fall in the American greenback due to a government shutdown in the US. Investors’ were also worried about resurfacing trade war between the US and China. The concerns rose after a media report said that President Donald Trump is mulling an executive order in the New Year to declare a national emergency that would bar US companies from using telecommunications equipment made by China’s Huawei and ZTE.
On Thursday, the rupee depreciated 29 paise at 70.35/$ as Brent crude gained ~2% after falling ~4%. Further, concerns regarding fiscal deficit target also kept the pressure on the rupee.
India’s April-November fiscal deficit (the gap between government revenue and expenditure) stood at Rs7.17 lakh cr ($101.93bn) or 114.8% of the budgeted target for the current fiscal, government data showed on Thursday. Net tax receipts in the first eight months of the fiscal were Rs7.32 lakh cr.
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